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Komodo Health announced recently that it would be acquiring Mavens, in line with its mission to expand its software capabilities. Mavens, which is a cloud-based platform specializing in life sciences, will help Komodo diversify its cloud-based offering with an array of applications and software.
The cloud-based platform will allow companies that specialize in life sciences to integrate insights and big data into their workflow applications. The platform is ideal for businesses in biotech, specialty pharma, as well as rare disease companies looking for improved outcomes for their business.
So far, Mavens’ patient and medical software products are currently being utilized by more than 60 life sciences organizations. Komodo, on the other hand, has operations in the US, India, as well as the UK. Komodo brings to the table its innovative Healthcare Map, which is designed to track the unique customer journeys of more than 300 million patients.
Contemporary medicine keeps making advances- something that will likely never stop. However, the way that healthcare systems utilize data to mitigate patient harm hasn’t evolved much over the last couple of years, which is a shame given the technological advancements that have been made thus far.
Much of the hospital data available today has been collected manually and is yet to be integrated with the financial, operational, and other types of important data in the system. This has resulted in a scrappy approach to safety analytics that has not been actionable or prognostic.
The status of today’s system stands to improve though with partnerships and consolidations such as that between Komodo Health and Mavens. In today’s healthcare ecosystem, which is characterized by predictive analytics, machine learning, and data-centric care, such partnerships will help to turnaround the sector so that preventable errors can be avoided.
Data analytics tools have the potential to disrupt all industries. However, in healthcare, they can transform the field in many amazing ways. So much so that soon, regular visits to the doctor’s office will be replaced by remote consultations and regular monitoring of one’s health.
Soon, the hospital environment will be based on a series of interconnected digital tools that will make the inpatient process vastly different from what it is today. The type of treatment that patients receive in the future will rely on a collaborative approach between software support and the informed judgment of a doctor or medical professional.
In short, big data will change the face of healthcare for the better. Big data analytics has already grown tremendously in the last few years, quickly outpacing other industries. That’s because Big Data produces real results that are measurable within months of adoption.
As organizations continue to advance and mature their big data strategies, healthcare organizations are looking to take full advantage of arising technologies such as artificial intelligence and the internet of things to access more sets of data than ever before.
The need to improve clinical outcomes has been the biggest driver of investing in big data analytics. However, data collection comes with a whole host of benefits including improved customer support, revenue growth, and precision medicine. Data analytics, in particular, will allow for a more holistic approach to treatment.
This will primarily involve early warning monitoring, as well as the continuing analysis of a patient’s data. The ability to predict various health problems based on data characteristics combined with personalized monitoring and preventive actions will help to bring the cost of care down for both the hospitals and their patients.
Technology that collects data such as wearable health monitors and virtual patient consultations will go a long way in helping physicians and caregivers to collect data more efficiently. This data can then be utilized to spot and treat problems before the physical symptoms begin to manifest.
The amount of data that is being collected and analyzed by various hospitals and healthcare organizations will only keep rising. And the current pandemic has only made it more apparent. With daily changing trends and the full weight of the pandemic on our hands, healthcare professionals are struggling to monitor their intensive care capacities, staff track safety, and optimize the available resources.
In the same breath, policymakers are also struggling to assimilate research findings and adjust policies in real-time. That’s why many are turning to data and analytics to help them make informed decisions fast and efficiently.
As data-generating technologies such as the ones produced by Mavens and Komodo health continue to proliferate the society and industry, healthcare providers must ensure that the data is being harnessed to achieve the best outcomes for patients. With the help of growing technologies such as artificial intelligence and super-advanced algorithms, the healthcare sector is already experiencing advanced capabilities as a result of data.
As these technologies continue to change the way society manages care especially during a pandemic, the outcome will be healthier citizens and a longer life expectancy. Some challenges must be overcome to make full use of what’s available and what’s to come.
Although healthcare providers have never shied away from adopting technology for improved patient outcomes. They are usually held back due to the cost implications. That’s why remarkable but expensive technologies such as AI are not as prevalent as they should be.
The pandemic has changed everything, especially healthcare. Now that more and more organizations are willing to adopt increased analytics use, it appears that more healthcare organizations will continue to be data-led in the future. Providers must learn how to rely on data to generate vital insights otherwise they risk falling behind.
While COVID-19 pushing healthcare providers to adopt data analytics more rapidly, it will be interesting to see what the future of healthcare holds. At the very least, we can be sure that the new normal will include widespread data integration because the benefits, which consist of improved care, enhanced outcomes, and lowered costs, are clear.